Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Sunday 10 December 2023 Dublin: 10°C
BullionVault via Flickr

Gold and silver touch all-time highs as currencies slip

The old reliable precious metals reach record high values, driven by concerns that the US debt could reach its legal limit.

THE PRICES OF precious metals like gold and silver have reached all-time record highs today, as investors opted to put their money into safer long-term investments while the value of currencies began to slide.

The price of gold increased by almost one per cent, reaching $1,514.20 (€1,034.48) per ounce at lunchtime, while silver rose by nearly five per cent to approach its all-time record at $48.35 (€33.13) per ounce.

Silver had briefly reached a record of $49.79, while gold had momentarily traded as high as $1,518.30.

“Everyone is buying,” a Hong Kong-based dealer told Reuters. “There is stop-loss buying, as well as a good buying interest from China.”

The BBC reports that the high values have come about as a result of investors seeking more stable options given the geopolitical uprisings in the Middle East, and given the return of significant inflation to the US and mainland Europe.

Without any obvious end in sight to either, analysts believe the prices could still continue to increase. Today’s increases mark the seventh consecutive day in which commodities have risen.

The value of currencies has also slipped given the inflation; the dollar this morning remained just off its three-year low against a weighted basket of major international currencies.

The price of gold has increased sixfold in the last ten years, while silver is now worth twelve times what it was in 2001.